Hello Crypto traders, today we will talk about Litecoin in which we see pretty nice and clean development. It can be actually nearing strong support zone as final five-wave cycle within 5th wave can be in play.

From Elliott Wave perspective, wave (5) should be completed by a five-wave cycle of the lower degree, but looking at the 4-hour chart, it looks to be unfinished. Well, currently we are tracking a correction in wave 4 of (5) that can retest 73-83 resistance area before we will see that final push into a wave 5 of (5) towards strong 50-40-30 support area.

That being said, watch out for that final decline, maybe even a spike down and then we can expect the bottom and bullish reversal.

Chart


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